U.S. Equity Market Outperformance

U.S. Equity Market Outperformance According to Gavekal, U.S. outperformance is mainly cyclical, not structural, and best investment opportunities could be in non-US assets. Image: Gavekal, Macrobond

Gold Minus Oil Annual Net Return

Gold Minus Oil Annual Net Return The cyclical oil outperformance vs. gold is the largest since 1978. Image: BofA Global Investment Strategy